Check my work 10 4 points eBook Garcia Company had the following selected transactions during the year. January 1 The company paid $7,200 cash for 12 months of insurance coverage beginning immediately. August 1 The company received $4,200 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. December 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. a. Record journal entries for these transactions assuming Garcia follows the usual practice of recording a prepayment of an expense in an asset account and recording a prepayment of revenue received in a liability account. References View transaction list Journal entry worksheet < 1 2 3 4 Record the advance cash payment of insurance. Note: Enter debits before credits. Date January 01 General Journal Debit Credit View general jo Clear entry Record entry b. Record journal entries for these transactions assuming Garcia follows the alternative practice of recording a prepayment of an expense in an expense account and recording a prepayment of revenue received in a revenue account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the advance cash payment of insurance. Note: Enter debits before credits.